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CB&I Wins Canadian Project

Chicago Bridge & Iron Company (CBI - Free Report) has won a contract, valued at approximately US$50 million, for storage tanks at an oil sands project near Fort McMurray, Alberta, Canada.

The scope of work includes the designing, procurement and construction of 12 cone roof tanks at the oil sands project. The contract is due for completion in 2013.

Chicago Bridge & Iron Company is a worldwide provider of fully integrated specialty engineering, procurement and construction (EPC) services and related licensed processes, primarily used by the energy markets for large-scale storage and refining of liquids and gases. We believe the stock will continue to outperform over the near term. The company's improving outlook and strong fundamentals only strengthen its appeal.

CBI designs, procures, fabricates and builds facilities and major equipment for power industry customers around the globe. Its expertise encompasses both traditional and emerging technologies, including electric, cogeneration nuclear, LNG, hydroelectric and wind power.

The business depends on major construction projects from clients, the unpredictable timing of which may result in significant fluctuations in cash flow and earnings due to timing between the award of the project and payment under the contract.

Revenue and earnings may be adversely affected by a reduced level of activity in the hydrocarbon industry, especially in light of the global financial and economic crisis.

The company's improving outlook and strong fundamentals strengthen our belief that the stock will continue to perform well over the near term. A major competitor of Chicago Bridge & Iron Company is Matrix Service Co. (MTRX - Free Report) .

Chicago Bridge & Iron Company N.V. is a worldwide provider of fully-integrated specialty engineering, procurement and construction services and related licensed processes, primarily used by energy markets for large-scale storage and refining of liquids and gases. The company has four broad market sectors: Liquefied Natural Gas (LNG), Energy Processes, Steel Plate Structures, and Lummus Technologies.

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